May 16, 2017 Karla Friede
Today we are proud to announce a deepening of our partnership with Coupa Software, a leader in cloud-based spend management, to bring to market Coupa Payments powered by Nvoicepay. Coupa Payments represents a growing integration between two solutions already working together for over two years to increase AP efficiency, pay suppliers digitally, and reduce costs for our joint customers.
Procure to pay (P2P) solutions that provide an electronic experience for business procurement processes from purchase requisition to payment have been around since the early 1990s. But in reality, the payment part has been extremely limited. Most of these systems only automated the process to the point of invoice approval, leaving it to the accounts payable team to figure out how to get the supplier paid.
First to deliver complete P2P
Up until now, no one has delivered a P2P solution that can make 100 percent of payments—card, ACH, electronic check, and iWires in a single flow. Coupa Payments powered by Nvoicepay remedies this industry gap, completing the last mile of the procure to pay process and transforming the massive and expensive effort that goes into paying suppliers into a simple automated solution for domestic and international payments.
As with our standalone solution, customers will be able to make global payments to suppliers electronically regardless of their size, geographic location, or technology. This is a huge step toward removing paper from the payment process and dramatically increasing the efficiency for the customer.
Dabbling in payments
Over the past two decades, enterprise P2P platforms have dabbled in payments but have come up short, settling for partial solutions such as a card integration. These solutions don’t pay 100 percent of suppliers electronically.
So, ironically, adding electronic payments technologies to the mix meant efforts were multiplied instead of streamlined since customers had to maintain different processes. They had an electronic process, a paper check writing process, and a wire process. This is a big reason why we have only made a dent in paper processing. According to the 2016 AFP Electronic Payments Survey, U.S. businesses on average still make 51 percent of their payments by paper check.
Both Nvoicepay and Coupa are leading providers born in the cloud, making this complete P2P solution possible. Both feature a simple user interface and capabilities to communicate with other cloud-based solutions.
One of the difficulties of providing payment through these automation providers was the high cost and sheer complexity of P2P systems before Coupa. Now that we have a simple procurement system, we can add the payments piece.
All payments in one interface
Nvoicepay’s B2B payment automation solution brings all payment types together into one user experience. As a leading payment company, it works with every bank, ERP, and front end automation solution. Customers simply select invoices for payment, and Nvoicepay disburses payments in the method that is most advantageous to the customer.
We offer comprehensive payment services, including continuous supplier enablement and error resolution. Our solution deploys live in 60 to 90 days, and our customers see immediate AP cost reductions of 75 percent. With increased card rebates factored in, customers see $125,000 in benefits from every $100 million in AP spend.
Customers will enjoy the benefits of a seamless integration with their Coupa instance. Single sign-on will give unhindered access to a fully integrated solution with more visibility and richer data for payment transactions.
How it works
Coupa Invoicing will provide invoice images and "ok to pay" information to Coupa Payments. When a payment is made, Coupa Payments sends that information back to Coupa. The Coupa Open Business Network notifies the supplier via SMS text, email, and/or the supplier network portal. Customers will have options to pay suppliers in 170 countries and 140 currencies.
While this is the first fully integrated, end-to-end procure to pay system on the market, Coupa and Nvoicepay have been partners for several years and already share several joint customers.
Our relationship, like all great partner relationships, starts with shared values. In the case of Coupa and Nvoicepay, those are a relentless focus on customer results and meaningful bottom line impact.
P2P systems are incredibly complex and touch lots of people. Coupa has made them simple and easy to use for both enterprise and midmarket customers. It’s an amazing company with great products, enthusiastic customers, and incredible people. We share their vision of leading enterprises into a paperless world where every supplier, regardless of size or worldwide location, is securely paid electronically.